Gold imports up 23.24% in November

Imports were worth $3.54 billion in November last year, according to the official data

Gold imports grew, for a consecutive month, in November by 23.24 per cent to $4.36 billion on account of fall in prices.
 
Imports were worth $3.54 billion in November last year, the official data released on Thursday showed.
 
Imports of the precious metal were on a decline since February this year till September. It recorded positive growth in October. The increase in gold imports, however, pushed the trade deficit to about two-year high of $13 billion in November from $10.33 billion during the same month last year.
 

The imports mainly take care of demand of jewellery industry. The increase in gold imports will also impact the current account deficit.

 
Silver imports, however, dipped by 36.33 per cent to $181.41 million in November as against $285 million in the same month last year.              
 
The country's total official gold imports declined to 60 tonnes in April-July of this fiscal, much lower than 250 tonnes in the year-ago period.
 
India, the world's second biggest gold consumer after China, imported 650 tonnes of the precious metal in 2015-16.